Thermal Energy Announces $1.5 Million in Repeat Business from Global Nutrition Company

Executive Summary

• Thermal Energy International Inc. received two turnkey heat‑recovery project orders from a global nutrition company valued at CAD $1.5 million.
• The projects will be executed at a single U.S. site, with completion and revenue recognition expected within the next 12 months.
• Gross margins on these projects are anticipated to align with historical margins for the Company’s turnkey offerings, supporting continued profitability growth.

Key Details

• Order Value: CAD $1.5 million total for two distinct turnkey heat‑recovery projects.
• Customer: Existing multinational nutrition company (global customer with 27 sites across nine countries).
• Cumulative Business to Date: Approximately CAD $13.6 million of business with this customer since 2019, including eight prior turnkey projects at six sites and numerous smaller product/service orders.
• Project Scope: Turnkey heat‑recovery solutions (GEM, HeatSponge, etc.) to be installed at a single U.S. location.
• Timeline: Projects slated for completion and revenue recognition within 12 months of award.
• Margin Expectation: Gross margin expected to be “in line with historical amounts” for the Company’s turnkey projects; specific percentages not disclosed but referenced in quarterly disclosures.
• Strategic Significance: Demonstrates deepening relationship with a major multinational client and highlights growth potential across additional sites worldwide.

Notable Quotes

“We received a series of orders from an existing customer for two distinct turnkey heat recovery projects at a single U.S. site,” said William Crossland, Thermal Energy CEO.
“Including these latest turnkey projects, we've done approximately $13.6 million of business with this multinational company since 2019… we continue to see significant growth potential with this customer.”